Engagement Banking

A paper on how to grow in retail banking was recently published by Backbase.com. The paper details the theory of engagement banking, the concept of increasing the meaningful interactions with the customer converting them into truly loyal customers. Also of Outside-in thinking, starting with trying to understand what the customer wants as opposed to the more typical inside-out thinking of starting with the organisation's infrastructure and working out what service you can provide using this.

As with all such concepts there has to be a balance between the ideal blue-sky concept and cost. Nor can the ideas in the paper be considered new. However the short paper is thought provoking and may help the reader think of ways that more can be done to give the customer what they want in a way that is profitable to the bank.